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VTB chief expects oil prices to stabilize at $50-60 per barrel

January 21, 2015, 18:30 UTC+3 DAVOS
Sberbank Chief German Gref said, in turn, that oil prices could stay at a level of $60-$70 per barrel for several years
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© Alexander Ryumin/TASS

DAVOS, January 21 /TASS/. VTB Group’s chairman Andrey Kostin expects oil prices to stabilize at a level of $50-$60 per barrel.

“We believe that the average annual oil price should stabilize at around $50-$60 per barrel,” Kostin told TASS on the sidelines of the World Economic Forum in Davos, Switzerland, on Wednesday.

The March futures for Brent oil was being traded at $48.73 per barrel at the Intercontinental Exchange (ICE) in London.

In his previous statements, Russian Finance Minister Anton Siluanov said that Wednesday’s oil prices were “close to bottom.”

Sberbank Chief German Gref said, in turn, that oil prices could stay at a level of $60-$70 per barrel for several years.

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